Budget deficit remains 7.9 percent in year 2021-22

ISLAMABAD: Budget deficit was recorded Rs 5.259 trillion during the last fiscal year 2021-22 with a percentage of 7.9 percent against the budgetary target of 6.3 percent, Pakistan Today has learnt reliably.

According to the summary of consolidated fiscal operations uploaded by Finance Davison on Friday, the total revenue during the last fiscal year was Rs 8035.383 billion against the total expenditure of Rs 13,295.275 billion. 

Direct taxes were recorded at Rs 2,280 billion taxes including  Rs 1,009 billion on international trade (Customs), Rs 2,531 billion sales tax and Rs 320.978 billion federal excise.

Total expenditure was Rs13.295 trillion with current expenditure Rs 11.521 trillion in the last fiscal year. Of the total current expenditure; mark-up payments was Rs3.182 trillion, domestic Rs 2,828.572 billion and foreign Rs 353.860 billion while Defence expenditure stood at Rs 1.411 trillion.

In addition, development expenditure & net lending was Rs 1.657 trillion while Statistical Discrepancy was recorded at Rs 116.478 billion. 

Pension expenditure was Rs 541.862 billion, running of civil government Rs 546.725 billion, subsidies Rs 1,529.609 billion and grants to others Rs 1,141.830 billion.

Budget deficit stood at Rs 5.259 trillion and the primary deficit at Rs 2.077 trillion. 

Financing of the budget deficit was met by borrowing of Rs 5,230 billion  from external (net) borrowing of Rs 1,178 billion and domestic (Net) borrowing of Rs 4,081 billion – non-bank borrowing of Rs 980.570 billion and Bank borrowing of Rs 3,100.912 billion. 

Provincial taxes of 612.366 billion included sales tax on Services Rs 355.720 billion excise duty Rs 8.896 billion, stamp duties Rs 70.888 billion and motor vehicles tax Rs 36.219 billion besides others Rs 140.643 billion.

In non-tax revenue of 1,280.215 billion included federal Rs 1,151.918 billion with mark-up (PSEs & Others) Rs 87.792 billion, dividend Rs 42,872 billion, profit PTA & others Rs 103.444 billion, surplus Profit of State Bank of Pakistan Rs  473.574 billion, defence receipts Rs 17.261 billion, passport fee Rs 21.619 billion, discount retained on crude oil Rs 16.504 billion, royalties on oil and gas Rs 90.842 billion.

Windfall levy against crude oil Rs 14.397 billion, petroleum levy on LPG Rs 3.659 billion, gas Infrastructure development cess Rs 18.619 billion, natural gas development surcharge Rs 20.372 billion, petroleum levy Rs 127.529 billion and others 113.434 billion. Provincial non tax stood at Rs 128.297 billion.